Application of modern payment methods like QR code, Tokenisation, mobile payment, and contactless payment will be expanded in the coming time. (Photo: SHB) Hanoi (VNA) – The State Bank of Vietnam (SBV) is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion. Cashless payments are on the rise According to head of the SBV’s payment department Pham Tien Dung, Vietnam has leapfrogged Singapore and Malaysia in electronic payments. Meanwhile, the Global Consumer Insights Survey 2019 by PwC, conducted in 27 territories and countries worldwide, have shown that the growth in the number of people making mobile payments in Vietnamese stores is at its fastest. The country’s mobile payments increased from 37 percent last year to 61 percent of digital payments in 2019. The SBV said that in this year’s first quarter, the inter-bank system handles more than 37 … [Read more...] about Vietnam looks to develop cashless payment
Vietnam money to usd
Mobile money to promote financial inclusion in VN: workshop
At the workshop (Photo: www.mic.gov.vn) Hanoi (VNA) – An international workshop on mobile money to promote financial inclusion was held by the Ministry of Information and Communication (MIC) in Hanoi on May 23. The two-day event is designed to provide a comprehensive view on mobile money, a technology that allows people to receive, store and spend money using a mobile phone. It also shares experiences and lessons from the implementation of the service in many countries worldwide, as well as put forward recommendations for Vietnam in a bid to enhance the country’s financial inclusion and support its digital transition. Addressing the event, Minister of Information and Communication Nguyen Manh Hung said if Vietnam approves trial run of Mobile Money in 2019, the country will be the 91st nation operating the service in the world. By the end of 2018, nearly 900 million people in 90 nations use Mobile Money, doing transactions worth 1.3 billion USD per day, he noted. The … [Read more...] about Mobile money to promote financial inclusion in VN: workshop
Hanwha Life Vietnam celebrates 10th anniversary
Hanwha Life Vietnam Insurance Co., Ltd., a member of the Hanwha Group (Korea), recently celebrated its 10th anniversary in Vietnam, putting a key milestone to its journey of ceaseless development, and further pledges long time commitment and even more robust investment in the local market. Speaking at the ceremony, Mr. Back Jong Kook, Chairman cum General Director of Hanwha Life Vietnam, said: Hanwha Life Vietnam is the first Korean insurance firm to enter and invest in Vietnam. Throughout the past decade, with its strong growth, Hanwha Life has never ceased to evolve and contribute to the development of the insurance industry in Vietnam. In the meantime, Hanwha Life has also made significant contributions to the community. In 2005, Korea Life (a former name of Hanwha Life) opened its representative office in Hanoi, setting foot on the Vietnam market. Only two years and a half later (June 2008), Korea Life obtained its license from the Vietnamese Ministry of Finance, with a … [Read more...] about Hanwha Life Vietnam celebrates 10th anniversary
Vietnam urged to reduce logistics costs to enhance competitiveness
At the event (Photo: VNA) Hanoi (VNA) – The World Bank made public a report on improving Vietnam’s land transport and a strategy on sustainable development of inland waterway transport in the country at a workshop in Hanoi on March 28. Yin Yin Lam, a senior transport expert of the WB, said land transport is the backbone of the cargo transport system in Vietnam, citing figures that land transport accounts for 77 percent of total cargo transport in the country. She noted that logistics costs in Vietnam made up nearly 21 percent of the national GDP, which is higher than the ratio in most other countries in the Association of Southeast Asian Nations (ASEAN). This affects the country’s competitiveness in export and increases costs for both producers and consumers, she said. While taking note of improvements in Vietnam’s logistics sector, as the country rose from the 64th place in 2016 to the 39th place in 2018 in the WB’s Logistics Performance … [Read more...] about Vietnam urged to reduce logistics costs to enhance competitiveness
Vietnams set to develop derivatives market
On the first day of the New Year, the Government issued Resolution No 01/NQ-CP/2019 for the robust development of the securities market, especially the derivatives segment. Officials from the Hanoi Securities Commission (HNX) said the derivatives transaction numbers averaged 78,800 per session, seven times higher than the number in 2017. (Photo: tinnhanhchungkhoan.vn) In 2018 the VN-Index was down 9.3 percent, which created an opportunity for the derivatives segment to come into its own. Officials from the Hanoi Securities Commission (HNX) said the derivatives transaction numbers averaged 78,800 per session, seven times higher than the number in 2017. The open interest numbers were consistently rising, reaching 21,635 contracts by year-end, 2.7 times last year’s figure. Open interest is the total number of options and/or futures contracts that are not closed or delivered. Experts said the main reason for the derivatives market’s strong growth last year was the slowdown … [Read more...] about Vietnams set to develop derivatives market
Vietnam advised to boost trade promotion for more exports to ASEAN
That was the message from Le Hoang Tai, Deputy Director of the Trade Promotion Department under the Ministry of Industry and Trade (MoIT). He said the ministry would make it easier for local enterprises to enhance export of their products to the ASEAN market. It would deploy measures to have more trade promotion programs, improve product quality and remove difficulties for businesses. Especially for the Thai market, the ministry needs coordination from the Ministry of Agriculture and Rural Development (MARD) to negotiate with the Thai authorities to import more fruits and vegetables because right now, only five types are allowed. Each year, the ministry had cooperated with many domestic and foreign agencies to carry out trade promotion activities to the ASEAN market, he said. There have been three groups of trade promotion activities carried out including organization of delegations of Vietnam’s enterprises joining international trade fairs and visiting regional markets for … [Read more...] about Vietnam advised to boost trade promotion for more exports to ASEAN
Vietnam advised to apply flexible policies on exchange rate
Illustrative image (Source: LienVietPostBank) Hanoi (VNA) – The US-China trade war and the fall in the Chinese Yuan post big impacts for the world economy, including Vietnam. Some experts have said Vietnam should employ flexible exchange rate policies in response. A recent report from the Vietnam Institute for Economic and Policy Research (VERP) under the Hanoi National University noted that the US and China are two trade partners of special importance of Vietnam. The US is Vietnam’s largest export market where one fifth of total export revenue comes from, while a quarter of imported goods to Vietnam are from China, according to the report. Currently, the VND price depends on the fluctuation of the USD. When the Chinese Yuan’s price drops, the trade balance of Vietnam will be seriously affected as cheaper Chinese goods will flood the domestic market. Nguyen Duc Thanh, VERP Director said Vietnam should pursue flexible policies on exchange rate, which means the … [Read more...] about Vietnam advised to apply flexible policies on exchange rate
Vietnam commits to fighting money laundering
He said that some of the regulations are unclear, and guidance is needed to ensure the laws against money laundering are effectively carried out. Chief Justice of the Supreme People’s Court Nguyen Hoa Binh (L) at the workshop. (Photo: tuoitre.vn) "Money laundering criminals often disguise illegal sources of money from their offensive activities with sophisticated means. So, we need a law enforcement force with legal knowledge support and the comprehensive legal system to fight the crime effectively," said Binh. "Many efforts have been made by Vietnam’s judicial system in dealing with the crimes for years, and it’s still a challenge as Vietnam has integrated more deeply into the global economy," he said. Binh said money laundering is not a traditional crime in Vietnam, but criminals had used cash to buy property, cars, jewels and precious assets under the names of other people in the country. He said the workshop was an opportunity for experts, … [Read more...] about Vietnam commits to fighting money laundering
Proceeds from auction of U23 team’s ball, jersey presented to poor districts
Prime Minister Nguyen Xuan Phuc attended the presentation ceremony, which also saw the presence of head coach Park Hang-seo and players of the U23 Vietnam team along with representatives of the 20 localities. Prime Minister Nguyen Xuan Phuc (L) presenting the proceeds collected from the auction of the ball and the jersey of the U23 Vietnam team to representatives of 20 poor districts The beneficiary districts are Dong Van and Meo Vac of Ha Giang province, Muong Khuong and Si Ma Cai of Lao Cai, Ha Quang and Bao Lac of Cao Bang, Van Ho and Sop Cop of Son La, Muong Te and Sin Ho of Lai Chau, Muong Lat of Thanh Hoa, Ky Son and Tuong Duong of Nghe An, A Luoi of Thua Thien-Hue, Tu Mo Rong and Kon Plong of Kon Tum, Bac Tra My and Tay Giang of Quang Nam, Tan Phu Dong of Tien Giang, and Tra Cu of Tra Vinh. Addressing the event, Prime Minister Nguyen Xuan Phuc appreciated the warm response that organizations and people nationwide gave to the auction. He also congratulated FLC … [Read more...] about Proceeds from auction of U23 team’s ball, jersey presented to poor districts
HCM City to pilot public car rentals
Ho Chi Minh City plans to run a pilot car rental service for Government officials to reduce expenditures, according to Vo Van Hoan, spokesperson for the municipal People’s Committee. HCM City will pilot public car rentals The city will transfer all public cars to the Voluntary Youth Public Benefit Service Company (BESCO) for management and rental.The pilot will begin in five State agencies and units, including the city People’s Committee Office, Department of Finance, People’s Committees of Binh Thanh and Binh Chanh districts, and the city’s Food Safety Management Board.Public vehicles with their drivers, escorts and security forces will be transferred to the company, and then departments, districts, and suburbs will rent cars and drivers.Two cars will be arranged for each unit under a Government decision on the management and use of cars in State agencies and units.The agencies and units must sign monthly car rental contracts … [Read more...] about HCM City to pilot public car rentals